Europe's banking union shows that the euro zone can come up with institutions that do not threaten other countries.

欧洲的银行业联盟也说明欧元区能够设立相关制度且不危及其他国家。

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The ESM is prohibited from making direct capital injections into banks and Germany has made clear there is no question of this changing until the euro-zone banking union is up and running.

WSJ: Cyprus Needs to Find a Quick Debt Fix

The receding breakup fear also hit momentum among governments to correct the flaws in the euro zone's makeup, slowing the push to complete a euro-zone "banking union" and to cut the links between governments with weak finances and feeble banks, which was undermining confidence in both.

WSJ: Italian Uncertainty Rekindles Euro-Crisis Fears

But if those advocating a euro breakup are barking up the wrong tree, so too are those arguing for the immediate creation of common euro-zone bonds and a banking union.

WSJ: Merkel Still Waiting for a Thatcher Moment